OUTSIDE MARKETS SUMMARY:
| CORN: | 2 Higher |
| SOYBEANS: | 8 Lower |
| SOYBEAN MEAL: | $2.30 Higher |
| LIVE CATTLE: | $1.67 Higher |
| DOW JONES: | 64 Points Lower |
| NASDAQ: | 10 Points Higher |
| CRUDE OIL: | $1.06 Lower |
MIDDAY MARKET UPDATE:
Block cheese price increased, as was expected, but barrel did not decrease. The pattern this week has been to flip-flop prices from one day to the next. Block cheese price increased 2.50 cents closing at $2.0950 with no loads traded. Barrel cheese price remained unchanged at $1.95 with five loads traded. Dry whey price slipped 0.25 cents ending at 43.50 cents with four loads traded. Class III futures were mixed prior to spot trading and remain mixed after with contracts ranging from 8 cents lower to 10 cents higher. Butter price rebounded regaining more than half of the losses of yesterday. Price gained 12.75 cents closing at $2.8125 with 10 loads traded. Grade A nonfat dry milk price declined 1.50 cents closing at $1.3650 with no loads traded. Class IV futures are 11-24 cents lower. Butter futures are 1.00 cent lower to 1.25 cents higher. Dry whey futures are 0.25 cents lower to 0.25 cents higher. USDA estimates milk production this year at 227.0 billion pounds and unchanged from the previous World Agricultural Supply and Demand report. They raised the estimate for next year by 300 million pounds to a total of 229.5 billion pounds.
